Mylan fails to get Perrigo shareholders' approval for takeover

The majority of Ireland-based Perrigo (NYSE: PRGO) shareholders have rejected Mylan's (Nasdaq: MYL) hostile tender offer, with the news sending Perrigo’s shares sliding 11% to $139.52 in pre-market trading, while Mylan’s shares gained 9.3% to $47.20.

In doing so, said Perrigo, they have expressed confidence in Perrigo's long-term strategy, vision and management plans for the future.  Shareholders holding over 60% of Perrigo's outstanding shares refused to tender into Mylan's inadequate offer by today's 8am ET deadline, the drugmaker said.

Under takeover protocol, Netherland’s incorporated Mylan cannot make a new approach for at least a year. Mylan offered around $26 billion, $75 in cash and 2.3 Mylan shares for each Perrigo share, which the latter has several times rejected as inadequate over some seven months of wrangling (The Pharma Letters passim).